First Denver Affordable Housing Plan Nears Fruition

1 min read

The city council has scheduled a vote for Sept. 12.

Denver affordability - click on image to enlarge
Denver affordability – click on image to enlarge

Denver—A proposal meant to create the first dedicated affordable housing fund in Denver has reached a new milestone by being cleared for a full city council debate. The Denver Post reports that the proposal, which had been in the works for more than a year, will be introduced on the floor on Sept. 12, with a public hearing scheduled for Sept. 19.

The proposal entails the investment of roughly $150 million in the fund’s first 10 years toward the development or preservation of 6,000 affordable housing units. Funding would come from a mix of small property tax hikes and new development impact fees.

According to the city’s Office of Economic Development, the fund “would support permanent housing and supportive services for at-risk residents, low- and moderate-income workforce rental housing, and moderate income for-sale housing.” Roughly 61 percent of the 150,000 renter households in the city earn less than $50,000 per year. Affordability is a big issue for Denverites, with average rents climbing to an all-time high of $1,240 at year-end 2015 and taking up 21 percent of income, according to Yardi Matrix’s latest market report.

You May Also Like

The latest multifamily news, delivered every morning.


Latest Stories

Like what you're reading? Subscribe for free.